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? because end of february are these elections. >> yes. the elections are, of course, more the campaign heading into the elections with all these noises, especially the end ecb noises that we hear from italy. that's going to cause concern that if italy does need help, how likely are they going to be to get it? in the years from 1993 to 2007 italy brought down its debt to gdp ratio to almost 100% and half of that time berlusconi is prime minister. it's not like berlusconi has a record of fiscal spending. >> no. but i guess also the times were different. >> the times were different but the interest rate was slightly higher than it is now. but the primary surplus of the country ran over that period which was an acceptable 3% on average is already right now reached once again. so all the parameters are in the right place and the only thing the next government needs to do is actually nothing. if it does nothing, if it doesn't reverse the reforms -- >> what's interesting is what berlusconi is campaigning on is austerity. he's running on an ant anti-austerity pro eu package. while it's untenab
's available to lead italy. he'll run for office in the upcoming election, but only for a party willing to push his agenda. >>> but he has competition in the form of sylvia berlusconi. he tells cnbc he feels a responsibility to run. >> feel the need to return to the political arena to prevent the country from being delivered into the hands of a leftist party. >> and the crowds are out, the stores are ringing up those sales, but u.s. shoppers may be running low on holiday spirit. and analysts say that they're spending less, as well. hi, everybody. welcome. merry christmas out there. thank you for joining us here on the show. what we're looking at today, we've got slightly quiet markets ahead of the u.s. open. what we're seeing, though, that all the markets are being called lower across the board stateside. the dow is being called a bit lower, nasdaq is being called a bit lower and the s&p 500 being called down by a bybit, as well. we saw markets coming off on friday stateside. pretty significant drops, as well, given that we now seem to be a clashing of heads between the republicans and the demo
problems as opposed to be worrying about the next election. >> you say republicans have a hard time saying yes, particularly to you. >> yeah. >> what is it about you, prosecute president, that you think is so hard to say yes to? >> you know, that's something you're probably going to have to ask them. you know, david, you follow this stuff pretty carefully. the offers that i've made to them have been so fair that a lot of democrats get mad at me. i mean, i offered to make some significant changes to our entitlement programs in order to reduce the deficit. i offered not only $1 trillion in -- over $1 trillion in spending cuts over the next ten years, but these changes would result in even more savings in the next ten years and would solve our deficit prab for a decade. they say the biggest priority is making sure we deal with the deficit in a serious way. but the way they're behaving is by saying their only priority is making sure taxes are protected on the wealthy. i think at some point what's important is that they listen to the american people. now, i think that over the next 48 hours, my
, but it's also very important to continue to go very actively in this direction. 2013 we'll see elections in germany and in italy. do you think it could lead to some sort of political stand by or quite the opposite, it could speed up the political reshaping in the eurozone? >> first of all, i think that the situation in all countries, you ever responsibility toes be taken and i am not of the opinion that there are divisions in the public opinion in any country in europe that would translate in major changes in the policies pursued. so i am confident that this historical endeavorer which is reinforcing the european union, reinforcing government, fiscal and economic governments will go on and until now, all elections in all countries and we have 17 democracies so you have perchl elections have confirmed the determination of the european to go on and to pursue their, again, historical endeavor. this is something which is very important. ten from new york, ten from, i would say, hong kong and shanghai, in from singapore. you have a difficulty to understand that underlying you have a historica
in mind, it's been a pretty good year despite it being an election year, despite the fiscal cliff and ongoing problems in europe. the market has done better than it has usual done. what's changed? i think there will be continued political turmoil and slow growth but that's, particularly given valuations, may not be a bad year for equities as all. >> i'm going to add to that list having been a good year for the stock market. also had a lot of recovery in the housing market as well. do all these good things, all this progress become undone if we go over the fiscal cliff. >> i think clearly we've seen some healing in housing which is great and as has already been said we've seen some good progress over in europe and in china so that's all great. i'm neutral on equities in my allocation strategy fund, target rich funds and the reason for that is the fiscal cliff. if we go over the fiscal cliff then i think that given how lean companies are, and as slow as we're growing, we could see the economy dip back into recession and earnings estimates will have to go lower. >> the mastercard rep
as wide ranging as the presidential election, the fiscal cliff, jobs of the future, and even a few movie stars. we wanted to take a few minutes to highlight the best of 2012. this is the year that was, and thank you for sharing it with me. >> i wish the people had more rational conversation to collaborate to how we can make the country grow faster, create jobs and create opportunity. >> america's always thinking it's in decline. the decline is by people left, right, and center. it's almost like a publishing craze. not quite "50 shades of gray" or sexy, but, still -- >> the biggest priority for the united states right now is getting recovery going at a rate that is rapid enough to produce sustained reductions in unemployment. >> under current law, on january 1st, 2013, it's going to be a massive fiscal cliff of large spending cuts and tax increases. >> find some way to avoid the fiscal cliff, to avoid doing anything that would contract the economy now. >> does that mean extending the tax cuts? >> the real issue is not whether they should be extended for another few months. the real issue
and you will like it. you know what it reminds me of? elections have consequences. i won. it's not a nice tack to the center where i'm going to govern for all of you. are you coming back? >> i'm going to. >> the jacket is coming off, though, right? >> christmas eve and i'm celebrating. as you know, we had the tree going this weekend with the lights on. >> that's so nice. there's one other thing i sought on that thing over the weekend that you brought us that i was going do -- oh,no. did you see mitt romney did not want to run? >> i saw that. that was in the boston globe. that was a great piece worth reading. then he found out how bad things were going on his ipad. >> yeah. but maybe he didn't want to run because there were times i really kind of thought it looked like he didn't want to run. >> yeah, but towards the end, i thought he did. >> he tried hard. thanks. >> okay. >> come over here. >>> in other news, a dock worker strike on the atlantic and coast could be just days away. port operators have been negotiating with the long shoreman association since march. but the two sides are sai
back since before the election. and which have sort of gone through some phases. in a way, the markets have sort of factored in from the first immediate period following the election a big deal to resolve the situation in the u.s. is not going to happen. the lying fiscal challenges in the u.s. are not going to be resolved anytime soon. that would be a big surprise and, obviously, if it was one that appeared that didn't damage the economy, that would be enough. but i think most people are resigned to democracy and maybe this is a broader issue about western democracy. unless the markets do put governments under pressure, it's not easy to come up with such tough positions and i suspect that is going to be the case. it will be a recurring theme through the year, i suspect. >> and that's what i was going to suggest, this idea that we're going to come up with cliff after cliff after cliff, that maybe we're into a whole year of cliff diving, your expectation, let's say we get through the cliff with a baby deal. we've had still a number of economists come on this set and talk about how we cou
over the election of abe and his push for abe-nomics is the fact that this is a very nationalistic individual. his first term in '06 was characterized by a lot of nationalistic policies. we'll see how that plays out with respect to the ongoing debate. >> we have to take a break here. the markets are looking for some direction after fiscal cliff negotiations stall. we get the word from the nyse floor, next on what you should be watching in today's session. later on, the anti-tax man himself is here to tell us about how he feels about the latest developments in the fiscal cliff negotiations. what a wild ride here we've seen all morning long. right now the dow up about 25. >>> welcome back to "squawk on the street." i'm john harwood in washington. i want to bring you up to date on the latest of the talks between vice president biden and mitch mcconnell. there's some concern among democrats who have heard that the income threshold for tax rate increases may be going up to 400, 450, $500,000. a source familiar with the talks just phoned me to say the democrats are only considering that
won the election. senate democratic leadership aide tells me that will remains a 50/50 chance we will get a mini deal temporary extension of tax cuts under $250,000 before the january 1 deadline when we would go over the cliff. will are no assurances of that. a white house official told me as president obama prepares to fly back to conduct and participate in the negotiations at the end, there has been no progress over the holiday weekend. michelle, i'm afraid that people who are looking for a deal and looking for a deal by december 31, all hope is not lost. it is not looking good at the moment. >> let's go back to this hitting the debt ceiling on monday. we learned of this because treasury secretary tim good night mother sent a letter to the honorable harry reid majority leader. and that's where he outline it is fact that in three business days, the summit government is going to run out of borrowing capacity. john, if there were a treasurer in a business who went to their boss and said by the way, three business days, the working capital account dies and as a result, you are not
clear now, mr. president, that the speakers's number one goal is to get elected speaker on january 3rd. the house is not even here. he's told me it will give him two days to get back here, not two days, 48 hours. they don't even have enough of the leadership here to meet to talk about it. they have done it with conference calls. people are spread all over the country because the speaker is basically waiting for january aboutrd. now, the president campaigned on raising taxes on people making more than $250,000 a year. the bush era tax cuts will expire at the end of this year. obama was elected with a surplus of about 3 million votes. he won the election. he campaigned on this issue. again, the speaker can't take yes for an answer. the president has presented to him something that would prevent us from going over the cliff. it was in response to something the speaker gave to the president himself, but, again, i guess with the dysfunctional republican caucus in the house even the speaker can't tell what he's going to do because he backed off even his own proposal. mr. president, the house
was seen strict irbefore the elections and hand brought forward the dematte manned that might have been in the future, people wanted to bite hand guns. >> always the case. any time the debate over gun control flares up. >> does the framework of the "wall street journal" piece tell us anything new about best buy, sears? >> for sears, we have seen them cut costs, cut costs, sears and the kmart stores. it seems that this year the reckoning, the kmart operation, people have lost track of that if you send people inside kmart today, i think you basically find a relatively horrifying situation for the average consumer. i mean, really bad stores that haven't been given the proper maintenance budgets that they deserve. for -- is it life or death? no h i think for the kmart part of it, there will be some sort of reckoning. i say life or death maybe moves more into that category for radioshack that stock has just been getting pummeled. tried to adapt themselves as mobile phone retailer and margins getting killed in kind. so i think this year is sort of that moment, someone come in and do an lbo, e
come off the dow very similar to what we saw after the election when we don't get a deal. this comes home. people don't realize what this is going to do. this is not healthy. this is not good. so what we're going to get is this wakeup call and i think people are getting a gift right now, opening the screens, take some off the table. at least place protective stops so you know where you will get out. >> rick santelli, is that how you read the message of the market right now? >> you know, i think the market's major movement with regard to the lack of a solution on the fiscal cliff has been more of what we've seen not more of what we think we're going to see. i'm referring specifically to some of the special dividends, some of the tax issues, some of the buy backs, some of the way, you know, states and trusts are being manipulated and moved to deal with the potential worst case scenarios. i think in terms of the market our guests just referred to some of the volatility. you know, as congress called it a day or as the boehner bill didn't pass the plan b. but i remember the t.a.r.p. vote.
, this is what we elected and they're doing everything they can to not pay attention to that and to go to their separate corners and to be separate and to pretend that their way is not the only way. >> and it could result in people being called into, like, their supervisor's offices and their supervisor goes, i'm sorry, people are actually losing jobs because of this. >> but is there what the people voted for? there are some that think this is what the president voted for. >> how can you think that the american people didn't vote for this? >> let me get to these economical reports. there are a number on today's economic calendar. maybe most importantly are the weekly jobless claims, expected to rise by 4,000. and that would be to 356. and at 10:00, new home sales and consumer confidence which will be interesting to do. also this morning, the kansas city fed survey. the lead story in the journal today is a 6.9% rise in house prices so far this year. since january. and some people are saying after some false starts, residential has concerned. >> well, you're right. >> you can have some r
election when that guy came in who did not take them out of euro to. meet biggest things that happened this year were things that didn't happen. no greece exit, no china hard landing and no u.s. slipping into a recession. therefore, the market has been able to lift. >> the last thing that may not happen is the fiscal cliff resolution, too. that could throw an iron in the fire. we've all got to be mindful of the possible debt downgrade. moody's and fitch are still at aaa and they have been rumbling they might take us down, and i think if s&p goes down a notch, mandy, that's not good for the market. >> the fact that these predictions did not come true i guess show that making predictions -- >> it shows the value of strategists. >> okay. >> it shows the value of vat jists. >> what are you predicting for 2013? >> i think you have to watch things in europe. the big day is the september 11th elections in germany and germany could be harder after the election. in the first half is the sent ceiling discussion and finally profits, personal income and production, if those can do better than the
it. we really need our elected officials to figure this out. come up with a reasonable compromise that keeps our economy growing and gives us some certain about the future so we can make our plans as business leaders. mine was earned off vietnam in 1968. over the south pacific in 1943. i got mine in iraq, 2003. usaa auto insurance is often handed down from generation to generation. because it offers a superior level of protection, and because usaa's commitment to serve the military, veterans and their families is without equal. begin your legacy, get an auto insurance quote. usaa. we know what it means to serve. >>> fiscal cliff fears pushing stocks lower but we're well off those lows right now and news that the house will reconvene on sunday evening at 6:30 p.m. eastern time. let's get to seemor, modi with more on this. >> hi, mandy, off of our lows, but today a risk-off approach to trading. that's a strategy being used as wall street is waiting by for the latest on the fiscal cliff negotiations. interestingly enough when you look at the year-to-date performance of the major indi
's handing it over. he's the only western this afternoon who doesn't have to bow to the god of re-election, he, if anyone, could compromise, he doesn't have to worry about getting re-elected again. that's driving decision making on both sides when it comes to congress, yet, he doesn't lead. he hands it over to a man who hasn't passed a budget in years. >> at 3:00, we'll meet. and i'll tell congressional leaders, you come up with the package, tyler. >> the real tragedy, what it says about the quality of leadership in this country. they can't lead, seem unwilling to lead. that's what's distressing to individual voters and to the markets. >> thank you, joining us, and thank you, out there. we'll join "mad money" right after this break. and we'll see michelle right after that on a special "kudlow report." let's give thanks - for an idea. a grand idea called america. the idea that if you work hard, if you have a dream, if you work with your neighbors... you can do most anything. this led to other ideas like liberty and rock 'n' roll. to free markets, free enterprise, and free refills. it put a
grover. he's not even an elected official. >> i like grover. i think he's an interesting guy. >> that's like i respect -- there's always a but coming after that. >> i think there's a little bit too much ideology and he's too rigid. but require respective of that, i would like to have a congress person on who signed the pledge who said i can't sign it today, but i'm happy to sign it on january 2nd. >> will they admit that? >> we've gotten ahead of ourselves on our spending, okay? and i understand maybe you need somehow to just concede that we've spent it so we need to pay for it. but if you take norquist at face value, at the turn of the 20th century where government spending was 9% of gdp, we're now at 25%. there are some that say, take what we give you and retrofit government to the size of 19% or 20%. do that first. he just wants to shrink what it's grown to, this unwielding federal government that -- don't you think 25% needs to come down? >> well, part of that is cyclical. >> okay. so at 3%? >> 21, 22. >> i would say 22. >> so we have to get it down to 20.5. >> the three big beast
last year. we had the supreme court ruling that we were waiting for. we had the election which impacted whether obama care was going to stick around now. the law of the land, looks like it will stay. although you read thing about other challenges, i don't know how likely that is. but for most of the year were people assuming it was going to stand up to all of these? >> actually, for most of the year i think people were thinking it was going to be overturned. especially around the supreme court. >> yeah. >> and there was also the presidential election. and you saw a lot of movement around, you know, these events. >> what finally benefited it when it became clear it was going into effect? >> managed care. >> is that going to continue? >> did well. and hospital did well. but that was offset by economic factors. yes, likely to continue for both. i think depending on economics, and that will be dan -- dan's will but hospitals will be more dependent on economics. >> managed care gets $30 million now? >> $30 million in 2014. we may drift for a while in managed care before we get to '14. and ph
. furthermore, michelle, after the election this past november where you rightly say -- but so did a majority in the house of representatives as republicans we have a responsibility to stay true to our principles john boehner said to the president you what? you won, but so did we and so we'll meet you half way. you said you wanted to raise taxes and generate $800 billion in revenue over ten years and we'll give you the revenue and we'll give you exactly what you want which is 800 billion in revenue, but let's make good on the campaign pledge which is $3 in cuts for every $1 in revenue and president obama didn't meet us half way and he didn't only offer $2.4 billion in cuts and he wanted twice the revenue. he said 800 billion is what he said during the election. >> and 6 trillion. >> yeah. >> spending is not the problem. >> no, i agree with you. >> i'm sorry. >> revenue is not the problem. >> yeah. >> it's been a long week, hasn't it? >> good luck on sunday, let's see what happens and we'll have you back afterward and see what's going on. >> let's get the market reaction. eamon hinted at this,
. and right after the election, i really was hopeful that members of congress would be able to come together and work out these hard issues. we're not there yet, but the fight's not over in that these debt problems are still there facing us. we'll have to go back to january and get into entitlement reform. the job is not close to finished. whatever debt deal they pass today, they agree they come back as quickly as possible and work out these challenges. because the economy will not grow in any meaningful way until we add the stability and certainty of tackling challenges. >> with all due respect, did upg the 112th congress was going to come together on a grand bargaining? >> i was hopeful. leadership starts at the top. i haven't seen much leadership in this town. one thing that happens at the end of the day is we go crashing through this debt ceiling which to me represents the real issue, the real fundamental challenge is we're running $1.3 trillion deficits, been doing that for two or three or four years. these taxes will not change the problem. the real issue we've got is a trillion dollar
't seem like it is going to happen before midnight. that is one of these issues that elections are supposed to decide those things. >> and larry elder. i'll give you the last word on our new year's show. the debt ceiling is coming. but nobody wants america to default. >> the debt ceiling is coming. the end game is a value added tax on top of the irs so that we have the western style welfare state. tax es are going to go up next year also. >> maybe. >> taxes. >> president obama has never said anyone of those thing. >> happy new year. thank you very much. thank you very much. appreciate it. the night continues head over to cnbc.com for the latest. happy new year everybody and all of 2012. excuse me, sir i'm gonna have to ask you to power down your little word game. i think your friends will understand. oh no, it's actually my geico app...see? ...i just uh paid my bill. did you really? from the plane? yeah, i can manage my policy, get roadside assistance, pretty much access geico 24/7. sounds a little too good to be true sir. i'll believe that when pigs fly. ok, did she seriously
on deeply held principles. and a lot of these house members got elected in districts that don't look anything like the rest of america. they're very extreme, gerrymandered districts in many case s with ca ca ca cases, and their own personal careers depend much more on how they're perceived back at home. so they don't necessarily care that this is one of the most unpopular congresses in recent history and one of the most unproductive congresses in recent history. they want to stick by their principles. >> it's true. and a lot of them say, eamon, i've been elected to be a check on the president and that's what a lot of this is about. >> right. this is deeply held, fundamental belief on both sides and there's a huge chasm between the two sides on these issues. and somebody's going to be a loser here if there's a deal. somebody's going to be perceived as having gotten rolled and neither side wants to be the party who got rolled here. i think both sides are looking at if fiscal cliff right now and saying, well, we could go over this thing. it wouldn't be the end of the world and that's a
't accurate because of the things in europe or something involved with the election. in other words, other than those shorting or going long stocks ahead of the quarter, these earnings reports need a context to make you money. they can't be relied upon any more because they aren't as predictive of future behavior as they once were. they are a piece of the puzzle. a part of the mosaic. but they are only one of many important parts of what predicts where our stock will go over the intermediate term. and that tends to be the focus that i teach on the show. it is a teaching show because i want you to know the metrics i'm using to pick stocks i talk about and recommend here. and with my travel trust which you can follow along. i also want to teach you how to listen to these conference calls, listen to the transcripts. at least give economy opini-- g you my opinion and what i think matter. i hope this show once and for all -- because this is what i see on twitter constantly -- use earnings season as a way to evaluate your portfolio, what to trim, what you need more of. hone your way of thinking.
, other big story today is the continuing yen/dollar/euro data. abe is elected, now he's in power. the bank of japan is going to be meeting january 21 and 22. they're going to raise their inflation target 2%. the yen is at 85 right now. a lot of people are betting it could go to 100. that trade is not yet over. so that is the hot trade that's out there globally right now. number three, i'm pretty optimistic on housing. you saw the numbers on case-shiller, 4.3% increase in october. we're still getting numbers continuing to improve. the levels of affordability are great. mortgage rates remain low. this is one of the bright spots for housing, and will be for the economy in 2013. finally, did you see this amusing story? u.s. government is put on a negative watch by china? by china? the credit rating agency in china put them on the u.s. government debt on a negative rating at this point. negative watch. this, of course, was supposedly independent rating agency created in china to try to rival moody's and s&p and fitch's. that's getting interesting play out there. their independence, of
elected officials to figure this out, keep our economy growing and gives us some certainty about the future so we can make our plans as business leaders. we're all having such a great year in the gulf, we've decided to put aside our rivalry. 'cause all our states are great. and now is when the gulf gets even better. the beaches and waters couldn't be more beautiful. take a boat ride or just lay in the sun. enjoy the wildlife and natural beauty. and don't forget our amazing seafood. so come to the gulf, you'll have a great time. especially in alabama. you mean mississippi. that's florida. say louisiana or there's no dessert. brought to you by bp and all of us who call the gulf home. >>> welcome back. the dow jones industrial still down below 13,000. we're concerned about absolutely going over the fiscal cliff on monday. the nasdaq down 28 points. cisco systems is down nearly 2% as is bank of america down nearly 2%. look at that. reapproaching $12. that was one of the biggest winners of 2012 thus far. tyler? >> you know, michelle, airline stocks are up 20% so far this year climbing
, whether it be the fiscal cliff, the election, the situation in europe. nonetheless, gold has just not been the safe haven. this morning, it was industrial metals that got a boost as we saw rallies in asia on hopes that maybe this new regime in china is going to be spending more helping to prop up the property department there, housing, than might mean more demand for industrial metals. copper today, the standout in part because of that. also, a different note, the s.e.c. ahead of the holiday delayed a decision on the proposed etf, according to the "wall street journal," the etf would hold twice as much copper in terms of holdings compared to the jpmorgan holding approved on december 14th. >> i think 182,000 physical tons they could take off the market. we'll revisit it later. for a moment, thank you. bob pisani is joining me on the floor of the nyse. the big discussion is about retail and what the figures from mastercard tell us. >> i just want to point out that the dow industrials dropped in the middle of the day. there had been some concern the house leadership which is all coming back n
started off so well, in terms of expectations for economic growth. we had an election this year, too. i think that's another thing that is sort of the key. we hit europe again as we had the last two years previously. but this last quarter, i think there's been a lot more optimism, even with the fiscal cliff sitting there, as sort of this potential, real roadblock at the end of the year. perhaps even too much optimism some would say. when you speak to ceos, there's still a lack of confidence, i would argue on the part of many of them, that you would like to see more of. perhaps a reflection of their concerns about the fiscal crisis that may weigh on our tax spending policies. >> we'll start over the next week or so talking about performers for the year. top s&p performer is pulty, which says how people are viewing how people will view what's driving the economy in the coming year. bank of america has doubled. worst performer on the dow, hpq. there will be crystallizations of what happened overall. >> the perspective on this whole thing is the s&p 500 is still up 14% year-to-date. despite
Search Results 0 to 27 of about 28